CHICAGO, July 9, 2014 /PRNewswire/ -- The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today announced the successful placement of an additional series of Floating Rate Mandatory Redeemable Preferred Shares (MRPS). The Fund raised $33 million through the private placement of Series D MRPS with institutional shareholders. The Fund will use the proceeds to repay $33 million of the $733 million principal outstanding under its credit facility.
The Series D MRPS will pay dividends at a variable rate that is set quarterly at a spread to LIBOR and are mandatorily redeemable on April 1, 2021. The newly issued Series D MRPS join the Fund's Series A, B and C MRPS which were issued on February 19, 2014. The MRPS provide leverage for the fund's common shareholders.
About the Fund DNP Select Income Fund Inc. (NYSE: DNP) is a closed-end diversified investment management company whose investment objective is current income and long-term growth of income, with capital appreciation as a secondary objective. The fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. For more information, visit www.dnpselectincome.com or call (800) 338-8214.
About the Investment Adviser Duff & Phelps Investment Management Co. has more than 35 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $58.0 billion under management as of March 31, 2014. Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at www.virtus.com.
This communication is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.
SOURCE DNP Select Income Fund Inc.